The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) climbed by $1.56/mt to $427/mt cfr on Tuesday following a surge in buyer interest.
Suppliers raised offer prices after several mills stepped into the market today with inquiries and have become bullish on near-term pricing.
Several Turkish mills stepped into the market for May and June shipment cargoes following strong rebar and billet export sales last week. Mills bid at $420-425/mt cfr for HMS 1&2 (80:20) from the USA and the Baltic region, while suppliers countered with targets of $430-435/mt cfr, citing a firm uptrend in Asia. Trades are expected to materialize within a day or two in the Turkish scrap market.
Details of a sale that concluded on Apr 2 were released to the market today. A cargo was booked from Russia (Murmansk, Arkhangelsk) to an Iskenderun-based mill at $430/mt cfr for around 20,000mt of HMS 1&2 (95:5).
Daily domestic spot rebar prices in Turkey remained unchanged at TRY5,800-5,900/mt ex-works on Tuesday, while Icdas reduced its local rebar prices by TRY20/mt ($2/mt) to TRY5,950/mt ex-works Biga and TRY6,030/mt ex-works Istanbul amid currency fluctuations. All domestic prices include 18pc VAT.